MISSED THE SPRING HOME SELLING OPPORTUNITY? YOU’RE NOT THAT LATE
Yvonne Mcfadden If you missed selling your home during this year’s spring, do not panic, and most importantly, don’t think you’re late. The 2020 housing market has been so unpredictable, no one knows what to expect and when. In other words, the 2020 housing market is not like the other previous markets where certain known seasons featured a lot of housing activities than others. With the COVID-19 pandemic wreaking havoc in the whole economy and the housing market surviving, no time has been better than the other one for selling your home.
If you missed selling your home during the spring, you’re not late. Here is why:
1. THE DEMAND FOR HOMES IS STILL HIGH Since the reopening of the economy, home buyers are back with a vengeance, eager to make up the lost time. There are a lot of prospective home buyers right now looking for properties to buy. Records have been revealing that demand for housing has been steadily growing, and the market is flooded with first-time homebuyers and other real estate buyers.
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According to the Pending Home Sales Index (PHSI) by NAR, pending home sales continued to trend upwards in August (8.8% increase), representing four consecutive months of upward trending of pending home sales. Elsewhere, another report by NAR revealed that existing home sales in August increased by 2.4% month-over-month and 10.5% yearover-year increase. If you missed the spring home-selling opportunity, you have not lost anything. Demand for homes is still insatiable; therefore, it is still an excellent time to sell your home.
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